New Options to Take First Home Buyers Closer to Their Dream Home
First home buyers are at an advantage with recent reforms making it much easier not only to secure a mortgage loan but take you closer to your dream home. With new options becoming available for you, it’s great time to look into your first home if you’ve been thinking about it.
First Home Loan Deposit Scheme
This scheme aims to support 10,000 first home buyers each financial year, starting from 1 January 2020. First home buyers on low and middle incomes will have an opportunity to purchase a home with a deposit of at least five per cent with the government acting as the guarantor on houses priced under $475,000 on the Gold Coast, Sunshine Coast, and Brisbane, and under $400,000 in other areas of QLD. Find out more about the legislation by reading our blog.
First Home Owner Rates Remission Scheme
This program started helping First Home Owners on 1 October 2019. It's available for homes with a value of up to $750,000. The scheme introduced a one-year 50 per cent discount for first home owners buying or building. The discounted remission will be granted to a maximum of $1000 over 12 months from the transfer date. For more information about this scheme, visit the Brisbane City Council website.
If you've been thinking about buying your first home, want to see your options, or want to get most out of the new government scheme, get in touch with one of our mortgage brokers to book a free consultation.